MALVERN, PA -- USA Technologies Inc. said the Nasdaq Hearings Panel has granted its request for continued listing on Nasdaq.

The Nasdaq Stock Market LLC notified USAT that it would be delisted as of March 7 because it was not in a position to file required periodic reports with the Securities and Exchange Commission by the extended March 12 deadline previously granted by Nasdaq. USAT appealed the move. | READ MORE

Today, USAT announced that the panel granted USAT until Sept. 9, 2019 in order to file with the Securities and Exchange Commission its annual report on Form 10-K for the fiscal year ended June 30, 2018, its quarterly report on Form 10-Q for the quarter ended September 30, 2018, its Quarterly Report on Form 10-Q for the quarter ended December 31, 2018, as well as any other periodic report that would be required to be filed with the SEC prior to such date.

In addition, USAT is required to provide the panel on May 30, 2019, June 28, 2019, July 31, 2019 and on Aug. 15, 2019, with a written update regarding the status of the remediation and audit process. These updates would include a statement from USAT's auditor regarding the current estimate of the time needed to complete the process and detailing any changes in scope of review or new areas of inquiry identified since the hearing or the last update. USAT must also provide a statement from its board of directors regarding "the status of training and remedial measures designed to address the corporate culture that enabled the accounting problems."

The Nasdaq panel said it may reconsider the terms of the extension following its review of these updates. If USAT does not file the reports by Sept. 9, 2019, the panel said it will issue a final delist determination and USAT will be suspended from trading on Nasdaq.

As previously reported, USAT said its audit committee has completed its internal investigation which focused principally on certain customer transactions entered into by the company during fiscal years 2017 and 2018. USAT's board determined to restate the audited financial statements for the fiscal year ended June 30, 2017, and the quarterly and year-to-date unaudited financial statements for Sept. 30, 2017, Dec. 31, 2017, and March 31, 2018, based upon the adjustments to the previously reported revenues proposed by the audit committee and its advisers.